Germany's BaFin Ends AML Cap for N26 Signups After $10M Fine
Wednesday, 29 May 2024, 13:32
Germany’s Financial Regulator Lifts AML Cap for N26 Signups
Germany's financial regulator BaFin has decided to remove the anti-money laundering cap imposed on N26 signups following a $10M fine. The move comes in the aftermath of the Wirecard scandal, signaling a heightened scrutiny on emerging fintech players aiming for rapid expansion. The decision reflects BaFin's evolving stance on compliance and oversight in the financial sector, particularly for fast-growing startups.
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